RTL Group sells remaining 5 % stake in Premiere to Kirch
Luxembourg, 11 January 2001. – RTL Group is selling its 5 % stake in German pay-TV channel Premiere to the channel’s majority shareholder Kirch Group. The sale will be effected by the exercise of a put option under which RTL Group will receive Euro 124 million. The terms of the option were agreed in March 1999 when RTL Group sold a 45 % stake in Premiere to Kirch Group for Euro 800 million.
RTL Group’s Chief Executive Officer Didier Bellens said “The disposal of our remaining stake in Premiere completes our withdrawal from the German pay-TV market. This is consistent with our stated strategy to focus on our core competence and strength as Europe’s leading free-to-air broadcaster and content production group.”
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